BlackRock, a leading investment firm, is launching a new platform in Saudi Arabia with a $5 billion investment from the country's sovereign wealth fund. The platform, called BlackRock Riyadh Investment Management (BRIM), aims to attract foreign investment and develop Saudi Arabia's financial industry by offering various investment options. This move is part of the kingdom's Vision 2030 plan to diversify its economy and become a hub for international investment.
An AI startup called Anthropic is selling an $1 billion stake. Investors, especially wealthy nations, are eager to buy in, but Anthropic has rejected Saudi Arabian money due to national security concerns. The startup's technology has potential dual-use applications, which has raised alarms about the potential misuse of the technology by hostile nations.
Aramco's 2023 earnings of $121.3 billion, though lower than 2022's record, mark its second-best year due to a strong oil market. Despite reduced costs in refining and chemical production, the company raised its dividend payout. Aramco plans to increase gas production while maintaining its oil output at 12 million barrels per day, anticipating a robust oil market despite economic challenges.
